Auction of Nearly 80 Bank-Owned Chicago Homes to Draw Crowd of Buyers

CHICAGO, Feb. 14 – America’s once sizzling housing market, where sellers were king, has cooled to the buyer’s advantage. Knowing the tables have turned, fickle homebuyers are unyielding in their desire to get the most for their money and heading to auctions to find deals. Hudson & Marshall will auction nearly 80 foreclosed homes, also known as bank-owned, in Chicago on February 23rd at 11:00 am at the Westin Lombard Yorktown Center. Owned by national lenders, the homes come with title insurance paid for by the sellers.

“Although the real estate market has suffered some blows, eventually it will rebound, so now is the time for buyers to jump into the market while prices are down. Hudson & Marshall’s foreclosed real estate auctions allow buyers to purchase a broad range of homes at great values because banks are eager to sell these properties,” commented Dave Webb, principal, Hudson & Marshall.

The deluge of foreclosures nationwide continues to push more inventory onto the market, which is further driving down prices. As more homeowners default on subprime adjustable rate mortgages (ARMs), foreclosure rates continue to swell. According to Realtytrac(R), Chicago’s total foreclosure rate in 2007 was 73,469 filings, earning it the 30th spot nationally among 100 of the country’s largest cities.

Purchasing a home through auction is fun, easy and removes the hassle out of home buying. No pre-registration is required and the open bidding process creates a level playing field among buyers. All homes are sold “as-is” so there are no drawn out negotiations or contingencies. Winning bidders will be required to make a cash or check deposit of $2,500 or 5% of the total sales price, whichever is greater.

Interested buyers should preview homes prior to auction. Homes may be viewed during the open house on February 16-17 at 1:00 pm-3:00 pm or by the contacting listing agent for an appointment. Complete auction details may be found at www.hudsonandmarshall.com.

Prior to the auction, buyers can purchase property online by visiting the website and clicking on the Bid Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 50,000 homes for sellers in the past eight years, Hudson & Marshall is the undisputed leader in the REO auction industry. The company’s accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. In the past two years alone, Hudson & Marshall’s sales exceeded $400 million.

About Hudson & Marshall of Texas Inc.

H&M is America’s Premier Auction Authority. Our 38-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M’s streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 40,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

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